Jeera extend gains on tight supply

Jeera futures traded 1.38 per cent higher at Rs 13,710 per quintal today, as speculators created huge positions, supported by lack of supplies and dwindling stocks in physical markets.

However, pick up in sowing and weak exports limited the upside.

At the National Commodity and Derivatives Exchange counter, jeera for December delivery gained Rs 187, or 1.38 per cent to Rs 13,710 per quintal, with an open interest of 1,995 lots.

Similarly, the spice for delivery in January contract moved up by Rs 175, or 1.26 per cent to Rs 14,115 per quintal, with a business turnover of 13,260 lots. 

Analysts said firming trend at the spot markets on the back of restricted supplies and falling stocks, led to a rise in jeera futures prices.